Employee Retention, Salary & Benefits

Salary Guides Are Great Resources for Talent Attraction and Retention

We continue to hear about the major hiring challenges employers across the country continue to face. If your company is faced with similar challenges, you may be turning to talent retention as a way to keep current workers happy and sticking around. But how do you keep your current workers happy? By offering robust benefits and a competitive salary, of course.

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According to employment/recruitment agency Randstad, 66% of workers agree that a strong benefits and perks package is the most important factor when considering a job offer, but only 39% of workers are satisfied with the benefits their employers offers. But how do you know whether your benefits and compensation packages stack up against the competition? That’s where salary guides come into play.

“It’s clear that simply aligning your compensation with the overall market isn’t enough to attract and retain the best talent,” says Randstad in its latest 2019 Salary Guide report. “Knowing the standard compensation packages in your industry and then tailoring your pay and benefits packages to exceed them will be critical.”

Randstad predicts that “With so much opportunity for job seekers, so many recruiters trying to lure employees away from their current roles and so few companies taking an active approach to retaining talent, 2019 promises to be a difficult year.” However, you can get ahead of these challenges by knowing what candidates may be negotiating when it comes to their salary.

We’ve broken down the data using three of the largest industries that subscribe to Recruiting Daily Advisor. Each industry will focus on some of the most popular roles that are currently in demand and what the average compensation for each role is.

Each role provides compensation rates broken down by experience. The experience has been listed as:

  • Entry level—1 year of experience to 4 years of experience
  • Mid-level—5 years of experience to 9 years of experience
  • Senior level—10 years of experience or more

Note that we did not focus on executive titles (directors and above), but Randstad’s latest salary guide includes those roles, as well.

Health Care

According to Randstad, “The [Bureau of Labor Statistics (BLS)] predicts the [healthcare] industry as a whole will grow 18 percent by 2026, and healthcare workers across all functions can expect to see opportunities increase as a result.” Randstad suggests clinical and nonclinical roles will see the most hiring over the next few years:

  • Clinical roles. Clinical roles consist of caring for patients or supplying direct patient care of any type. Nurse practitioners, pharmacy technicians, and registered nurses will be the most sought-after clinical roles by 2026.
  • Nonclinical roles. Nonclinical roles are the ones that do not offer any sort of medical attention or testing. Certified coders and medical coding technicians, as well as medical secretary roles, will see the most hiring in the years to come.

A national average on the compensation of clinical roles:

Entry Level Mid-Level Senior Level
Nurse practitioners $41.88 per hour $50.82 per hour $58.40 per hour
Pharmacy technicians $15.14 per hour $17.81 per hour $20.17 per hour
Registered nurses $31.70 per hour $36.82 per hour $42.26 per hour

 

A national average on the compensation of nonclinical roles:

Entry Level Mid-Level Senior Level
Certified coder/medical coding technician $17.64 per hour $20.76 per hour $23.60 per hour
Medical secretaries $15.49 per hour $18.07 per hour $20.36 per hour

 

Human Resources

The BLS predicts that HR roles are expected to grow by 10% over the next decade, and the most popular HR functions will be in the areas of benefits administration, learning and development (L&D), and recruiting.

A national average of each role is highlighted below. Note that we selected all “manager” titles, as they encompass a good average salary to base your negotiations on:

Entry Level Mid-Level Senior Level
Benefits manager $80,779–$98,040 annually $92,672–$112,475 annually $106,227–$128,926 annually
Learning manager $76,742–$93,141 annually $87,987–$106,789 annually $100,883–$122,440 annually
Manager of talent acquisition $80,079–$97,191 annually $92,614–$112,404 annually $106,907–$129,751 annually

 

Manufacturing

For those who thought the manufacturing industry would be overrun by machines, think again! Randstad’s research finds that over the next 10 years, 3.5 million manufacturing jobs will be needed, and 2 million are expected to go unfilled because of the skills gap.

Machines can’t do everything on their own; they’ll need a human’s touch for certain tasks, and Randstad points to which roles will dominate this industry for years to come. These roles include forklift operators, production workers, and warehouse laborers, among many others.

Entry Level Mid-Level Senior Level
Forklift operator $14.10 per hour $17.03 per hour $19.45 per hour
Production manager $42.38 per hour $49.01 per hour $56.41 per hour
Warehouse manager $30.11 per hour $34.58 per hour $39.47 per hour

 

To see more salary rates for these industries above and to view the full salary guide, click here.